Array Technologies, a provider of utility-scale solar tracker technology, has entered into a definitive agreement to acquire Soluciones Técnicas Integrales Norland S.L. (STI Norland), a manufacturer of solar trackers in Europe.
Headquartered in Pamplona, Spain, STI Norland has positions in Iberia and Latin America. STI Norland has completed or been awarded tracker systems for more than 400 projects globally, representing over 12 GW of generation capacity. STI Norland generated revenues and EBITDA of approximately €200 million and €43 million, respectively, in 2020. Under the terms of the agreement, Array will acquire STI Norland for approximately €570 million in cash and stock. The transaction is expected to close in the first quarter of 2022.
“This transaction is an important first step in the expansion strategy that we articulated when we announced our preferred equity investment from Blackstone in August,” says Brad Forth, chairman of Array. “The combination of Array and STI Norland creates the global leader in trackers with leading positions in every major market for solar outside of China and India.”
“STI Norland brings to Array a proven product line that is ideally suited for complementary markets which will help to accelerate our international expansion plans,” continues Forth. “The increased scale of the combined enterprise also provides opportunities for significant cost reduction as we drive greater volumes with our suppliers and achieve increased leverage on our fixed costs.”
STI Norland CEO Javier Reclusa and the rest of the company’s senior management team will remain with Array following the closing of the transaction and continue to lead STI Norland.
“We look forward to welcoming STI Norland’s employees to Array,” states Jim Fusaro, CEO of Array. “Both STI Norland and Array are rooted in entrepreneurial, founder-operated businesses that are focused on innovation. Together, I believe we have the technology, culture and capabilities to build a truly global business that can create tremendous value for our customers, employees and shareholders.”
“The entire STI Norland team is excited about joining Array and the opportunities that the combination of the two companies will unlock,” adds Reclusa. “We have a tremendous amount of respect for Array, its technology and management and I look forward to working closely with Brad and Jim to support their ambitious expansion plans.”
Image: Photo by Jadon Kelly on Unsplash
